ATLANTA — The U.S. Small Business Administration (SBA) announced Wednesday that there are Economic Injury Disaster Loans available for businesses who qualify after heavy rain, hail and winds on Saturday, April 24.
Small businesses, small agricultural cooperatives and private nonprofit organizations in these counties: Echols, Lowndes, Berrien, Brooks, Clinch and Lanier in Georgia along with Columbia, Hamilton and Madison counties in Florida are eligible.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities, affected by the same disaster,” Kem Fleming, director of SBA’s Field Operations Center East said.
According to the declaration, the SBA's loan program does not apply to agricultural producers, farmers and ranchers.
For the businesses who meet the SBA's qualifications, the loan amount can be up to $2 million with interest rates of 3% for small businesses and 2% for private nonprofit organizations for up to 30 years.
Loan amounts are determined by the SBA depending on the type of small business. Capitol loans can be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the excessive weather not occurred, the SBA said. The loans are also not intended to replace lost sales or profits.
Applicants in these counties can submit an electronic application through the SBA's website. Applications must be submitted no later than March 16, 2022.
You can also get additional by calling the SBA's customer service at 800-659-2955 or contacting via email at DisasterCustomerService@sba.gov.
PHOTOS: Hail across metro Atlanta
